Owning rental property can be rewarding and lucrative endeavor, but dealing with renting it can be a challenge and time consuming. Property management companies, however, free up investors to do what they do best, build their portfolio. It saves the savvy real estate investor—especially one who is not in the same city as their property—the time, money and worry when marketing rentals, and tending to property and tenant acquisition and maintenance, complaints and property repairs.
Property management companies may not be for everyone, but If you don’t have time to deal with the day-to-day headaches of real estate management, a property management may be the answer for you.
Here are some things you need to know if you decided to use a property management company.
Qualities of a Good Property Management CompanyStay Local.
To start off, it’s best to look for property managers in your own area. This may seem like a no brainer, but it is important to note. Local management companies will have adequate knowledge about local codes, rules, and regulations that need to be enforced in the area where you own rental property.
Low Vacancy Rates.
A sure sign of a good property management company is their ability to tenants staying for years at a time. A tenant’s satisfaction level is key to you have a steady rental income. And be sure to find out how quickly a company can get properties on the market and how long they linger.
Good Customer Service.
Regardless of the industry you’re in, good customer service is always a top priority. Having personable and knowledgeable people renting your properties will go a long way. Not only will it help the property owner to establish peace of mind and trust, but it will establish an good relationship between you and the tenant. A management company should be willing to serve the property owner and the tenants 24/7. Quick responses and a job well done helps is an important reputation for a company to build and one an investor should look for when hiring someone to handle their properties.